NEXT WEEK NIFTY PREDICTION & CHARTS 26 NOV TO 30 NOV 2018

WEEKLY RESISTANCE FOR NIFTY: 10600, 10700, 10800

 PIVOT POINT: 10500

WEEKLY SUPPORT FOR NIFTY:  10400, 10300, 10200

WEEKLY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 10600, 10700, 10800

 PIVOT POINT: 10500

WEEKLY SUPPORT FOR NIFTY:  10400, 10300, 10200

WEEKLY CHART FOR NIFTY

It has been a roller coaster ride for investors as back-to-back sell-off is seen in Indian markets has put bears on the driving seat. It’s a negative end for the nifty for this week as tomorrow is a trading holiday on account of Guru Nanak Jayanti. The Nifty has given up 10,550-mark. Weak global cues, as well as fall in crude oil price which is taken as a synonym for a slowdown in global growth, weighed on sentiment. Nifty closed the week at 10527.  We had a gap up opening to begin the trading for the week. On Monday the global set up was just perfect for such kind of head start. Subsequently, index saw some profit booking in the initial trade to fill the complete gap. However, post some consolidation, strong buying emerged at lower levels which continued till the last minute of the trade. As a result, the index went on to gain three fourth of a percent to conclude the session tad above the 10750 mark. On Tuesday, clearly the global bourses spoiled the party for our markets. After Monday’s encouraging close, we had a gap down opening on the back of massive sell off seen in all major global indices. To worsen this, our markets corrected sharply post the mid-session to pare down all Monday’s gains and in fact more than that to conclude the session with a cut of a percent. On Wednesday, the massacre in the global equities hinted for a gap down opening in our markets, however, the positive aspect of falling crude prices restricted to a flat opening. The index then witnessed an open high kind of scenario and immediately slipped lower to mark intraday low of 10562. Subsequently, the second half was slightly encouraging as the Asian cues recovered from lows our markets too witnessed cushion at the lower level to erase some loss from intraday lows and eventually ended tad at 10600 levels with a loss of around half a percent.

NIFTY: A STRONG SUPPORT WILL BE @ 10350; STRONG RESISTANCE LEVEL SEEN @10750

According to Pivot charts, the key support level is placed at 10475, followed by 10375. Nifty forms a bearish belt hold pattern. The index took support at its, 20-EMA placed at 10500, and 10400 respectively.. If the index starts moving upwards, key resistance levels to watch out are 10700 and then 10800. Nifty may witness some consolidation before resuming its uptrend towards 10900-11000 levels. On the downside, immediate support is seen at 10500-10530 levels. The consistent sell-off amid volatility indicated that cautious approach would be prudent strategy now.

TECHNICALLY SPEAKING.

This has been clearly the worst week for our markets in last few months. We have been correcting right from the word go, started on Monday and Thursday was like adding insult to the injury. At one point on Thursday, nifty was falling like a pack of cards; threatening market participants to a great extent. Fortunately, we did manage to give a decent recovery from lows and have closed at the make or break level.  Now, if we have to analyze the index on weekly and Monthly chart, we can see index precisely testing key Fibonacci ratios and thereby giving some ray of hope for the bulls. In addition, for Nifty, the daily close has come above the daily ‘89 EMA’, which is another sigh of relief. Hence, next week would be quite crucial for our markets to set a near term trend. For the coming week, 10595 followed by 1730 would be seen as immediate hurdles. If index has to gain some kind of strength, it should first take out these barriers convincingly with an authority. On the other hand, if we fail to do so and again slide below 10500 - 10435, then it would certainly not augur well as we may see a sharp slide once again to test lower levels.